The steel industry is a constantly evolving landscape, shaped by a multitude of factors that span across continents and industries. From the bustling markets of Asia to the industrial powerhouses of Europe, the dynamics of the steel market are in a constant state of flux. In this article, we delve deeper into the recent developments and trends in the global steel industry, shedding light on the stability of pricing, the forces that drive the market, and the delicate balance of supply and demand.
China
The domestic prices for HRC in China have seen a slight increase to Yuan 3,980/t ($553/t), rising by Yuan 10/t ($1/t) on Feb. 10, despite the SHFE futures price falling during the week. In contrast, export HRC prices have dipped slightly by $10/t, reaching $565/t. Meanwhile, the price of rebar remains stable at Yuan 3,880/t ($539/t). With construction activity set to resume following the traditional holiday, the market is expected to regain momentum.
Japan
Export scrap prices in Japan were at JPY 52,000/t ($346/t) FOB Tokyo Bay on Feb. 16, showing a reduction of JPY 1,000/t ($16/t) compared to two weeks prior due to thin trading during the long holiday period. Anticipated recovery in trading is expected from the Vietnam and Taiwan markets starting this week. Meanwhile, average domestic scrap prices remain stable at JPY 48,700 ($324/t).
Europe
HRC prices in Northern Europe saw a slight dip to EUR 738/t ($790/t) on Feb. 15, marking a decrease of EUR 17/t ($18/t) from the previous week. Similarly, in Italy, HRC prices fell to EUR 730/t ($782/t), showing a decrease of EUR 20/t ($21/t). These price changes are attributed to the increased supply as some blast furnaces have resumed operations, despite the stagnant demand in the market.
America
The price of HRC in the US plummeted dramatically to $1,022/MT ($929 per short ton) on Feb. 14, experiencing a sharp decline of $133/MT ($121 per short ton). Trading activity slowed down as participants feared further price decreases. In contrast, US domestic flat prices remained relatively stable compared to the end of January, holding steady at $1,430/MT ($1,300 per short ton).
The price of domestic scrap in Mexico took a downward turn this week, dropping by $11/MT to reach $439/MT as of Feb. 16. In contrast, the export price for Brazil slabs remained relatively stable throughout the week, holding steady at $670/MT FOB.
Viet Nam
The Vietnamese domestic market has been relatively quiet due to the extended holiday period. Import prices for HRC (SAE1006) from China were reported at $590/t to $595/t. Meanwhile, domestic HRC prices remain at $610/t for April delivery after a $30/t reduction before the Lunar New Year. Additionally, import scrap prices are holding steady at $405/t CFR at the main ports.
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